New Century Financial Group LLC Trims Stock Holdings in Chevron Co. (NYSE:CVX)

New Century Financial Group LLC lowered its stake in shares of Chevron Co. (NYSE:CVX) by 10.2% during the first quarter, Holdings Channel.com reports. The institutional investor owned 16,019 shares of the oil and gas company’s stock after selling 1,827 shares during the quarter. Chevron comprises approximately 3.1% of New Century Financial Group LLC’s investment portfolio, making the stock its 4th largest position. New Century Financial Group LLC’s holdings in Chevron were worth $2,680,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. CVA Family Office LLC raised its position in shares of Chevron by 2.2% during the first quarter. CVA Family Office LLC now owns 9,496 shares of the oil and gas company’s stock worth $1,589,000 after purchasing an additional 203 shares during the period. Elevation Point Wealth Partners LLC raised its position in shares of Chevron by 3.4% during the first quarter. Elevation Point Wealth Partners LLC now owns 22,197 shares of the oil and gas company’s stock worth $3,713,000 after purchasing an additional 734 shares during the period. West Branch Capital LLC raised its position in shares of Chevron by 30.6% during the first quarter. West Branch Capital LLC now owns 12,653 shares of the oil and gas company’s stock worth $2,117,000 after purchasing an additional 2,964 shares during the period. Everhart Financial Group Inc. raised its position in shares of Chevron by 22.3% during the first quarter. Everhart Financial Group Inc. now owns 10,859 shares of the oil and gas company’s stock worth $1,817,000 after purchasing an additional 1,983 shares during the period. Finally, Smithbridge Asset Management Inc. DE acquired a new stake in shares of Chevron during the first quarter worth about $962,000. Institutional investors own 72.42% of the company’s stock.

Chevron Stock Up 0.5%

CVX stock opened at $145.74 on Friday. The company has a current ratio of 1.07, a quick ratio of 0.80 and a debt-to-equity ratio of 0.13. The firm has a market capitalization of $254.52 billion, a PE ratio of 14.99, a PEG ratio of 1.46 and a beta of 0.83. Chevron Co. has a 1-year low of $132.04 and a 1-year high of $168.96. The business’s 50 day simple moving average is $138.53 and its 200 day simple moving average is $149.20.

Chevron (NYSE:CVX) last issued its quarterly earnings data on Friday, May 2nd. The oil and gas company reported $2.18 EPS for the quarter, beating analysts’ consensus estimates of $2.15 by $0.03. Chevron had a return on equity of 11.44% and a net margin of 8.71%. The firm had revenue of $47.61 billion for the quarter, compared to analyst estimates of $49.05 billion. During the same period in the prior year, the firm posted $2.93 EPS. The company’s revenue for the quarter was down 2.3% on a year-over-year basis. As a group, research analysts anticipate that Chevron Co. will post 10.79 EPS for the current year.

Chevron Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 10th. Shareholders of record on Monday, May 19th were issued a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a yield of 4.69%. The ex-dividend date of this dividend was Monday, May 19th. Chevron’s dividend payout ratio is 78.17%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on CVX. Redburn Atlantic reissued a “sell” rating and issued a $124.00 target price (down previously from $156.00) on shares of Chevron in a research report on Wednesday, April 23rd. TD Cowen dropped their target price on Chevron from $155.00 to $150.00 and set a “hold” rating on the stock in a research report on Monday, May 5th. Hsbc Global Res lowered Chevron from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 13th. Wells Fargo & Company dropped their target price on Chevron from $173.00 to $164.00 and set an “overweight” rating on the stock in a research report on Monday, May 5th. Finally, HSBC lowered Chevron from a “buy” rating to a “hold” rating and dropped their target price for the company from $176.00 to $158.00 in a research report on Tuesday, May 13th. Three analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $160.24.

About Chevron

Chevron Corporation, through its subsidiaries, engages in the integrated energy and chemicals operations in the United States and internationally. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, production, and transportation of crude oil and natural gas; processing, liquefaction, transportation, and regasification of liquefied natural gas; transportation of crude oil through pipelines; transportation, storage, and marketing of natural gas; and carbon capture and storage, as well as a gas-to-liquids plant.